Columbia News

Congressman Mark Alford of Missouri’s 4th District has led a letter to Treasury Secretary Scott Bessent and Agriculture Secretary Brooke Rollins, urging the administration to quickly finalize a deal that would open Chinese markets to U.S. soybean producers. The lawmakers also called for swift implementation of President Trump’s proposal to use tariff revenue to compensate American farmers affected by trade disputes.

The letter was co-signed by Representatives Ann Wagner (MO-02), Don Bacon (NE-02), and Mike Ezell (MS-04). In it, the lawmakers expressed concern about the Treasury Department’s recent agreement to extend a $20 billion currency swap line with Argentina and the possible purchase of Argentine foreign bonds through the Exchange Stabilization Fund.

“A currency swap line is effectively a short-term dollar loan that allows another nation’s central bank to draw on U.S. currency reserves to stabilize its economy. While such tools can support global market stability, this proposed arrangement risks using American financial strength to indirectly subsidize foreign competitors. While we understand the importance of stabilizing Argentina’s currency and economy, their ongoing relationship with the Chinese Communist Party is gravely concerning,” the letter stated.

The representatives noted that after news of these negotiations, Argentina suspended export taxes on soybeans, which led China to buy approximately 5.1 million metric tons of Argentine soybeans. Meanwhile, U.S. soybean exports to China have dropped significantly due to retaliatory tariffs.

“American farmers are watching soybean prices fall as harvest gets underway. While Secretary Bessent’s comments about a soybean deal with China are encouraging, no formal deal has been signed. In the meantime, our producers continue to face mounting losses at home as the federal government extends economic lifelines abroad,” they wrote.

The lawmakers urged that any financial support or credit extension to Argentina should include conditions protecting U.S. agricultural interests. They requested two main actions from the administration: working with trade officials to finalize an agreement reopening Chinese markets for U.S. soybeans and removing retaliatory duties; and implementing measures so tariff revenue supports American farmers and ranchers facing losses.

“The U.S. farm economy remains fragile, largely due to policies of the previous administration. Our producers cannot afford to wait while foreign competitors receive favorable terms. We must act promptly and decisively to ensure that U.S. farmers are not left behind in the global marketplace,” they said in closing.

Mark Alford has represented Missouri's 4th District in Congress since 2023 after succeeding Vicky Hartzler https://alford.house.gov/about. He was born in Baytown, Texas in 1963 and currently resides in Lake Winnebago https://alford.house.gov/about. Alford earned his BA from the University of Texas at Austin in 1988.